Electric Vehicle Brake Pads Market
Brake pads are being used since the vehicles are there in the market. The electric vehicles market is in a growing phase leading to the growth in the electric vehicle brake pads market. Another important factor about electric vehicle brake pads is that they don’t require frequent replacement, unlike with the brakes in conventional vehicles.
Electric Vehicle Brake Pads Industry Overview
The global electric vehicle brake pads market is expected to reach $289.2 million by 2026, with a CAGR of 17.75% during the forecast period 2021-2026. The automotive industry is experiencing rising adoption of electric vehicles due to changing consumer preferences based on various factors, such as rising concerns about driver safety, environmental concerns, and acute government regulations and policies. Major original equipment manufacturers (OEMs) are constantly working on making electric vehicles more safe, affordable, and efficient. Over a period of time, the automotive industry is evolving with technological advancement in electric vehicle accessories such as battery systems, cooling systems, braking systems, and other components.
The safety of an electric vehicle (EV) depends upon the braking system, which includes brake pads, brake disc, and brake fluid, etc. The brake pads play an important role in the braking system as the stability and safety of a vehicle depend on them.
Electric Vehicle Brake Pads Market by Type
The electric vehicle brake pads market has been segmented based on type, including organic, metallic, and ceramic. The metallic type segment is estimated to dominate the global electric vehicle brake pads market since they have better braking power in a wide range of temperatures. Since metals are such excellent hot conductors, they can sustain further heat while assisting the braking systems in cooling down faster. Metal brake pads do not also compress as much as biological brakes.
Electric Vehicle Brake Pads Market by Propulsion Type
The electric vehicle brake pads market has been segmented based on propulsion type, including battery electric vehicle (BEV), plug-in hybrid vehicle (PHEV), and hybrid electric vehicle (HEV). The BEV segment is expected to be the front runner in the global electric vehicle brake pads market by propulsion type. Government incentives, tighter regulations for carbon dioxide emissions, growth of the charging infrastructure, and falling EV battery prices are significant factors for the increasing demand for BEV.
Electric Vehicle Brake Pads Market by Vehicle Type
The electric vehicle brake pads market has been segmented based on vehicle type, including passenger cars and commercial vehicles. Passenger cars are the leading vehicle type in the global electric vehicle brake pads market. Passenger cars make up a large percentage of electric vehicles globally. The dominant share of passenger cars among the different types of electric vehicles has contributed to the high demand for brake pads from the segment.
Electric Vehicle Brake Pads Market by Region
The electric vehicle brake pads market has been segmented based on region, including North America, Europe, the U.K., China, Asia-Pacific and Japan, and Rest-of-the-World (RoW). China is among the top leading countries in terms of EV production. The country is a hub of numerous electric vehicle manufacturers, which in turn, contribute to the demand for brake pads in the region.
Key Market Players and Competition Synopsis
Key players operating in the market, include NRS Brakes, TRW Aftermarket, ATE Brakes, Akebono, BorgWarner, Brembo S.p.A., Aisin, Bendix, TENNECO INC., Robert Bosch GmbH, EBC Brakes, Heng Yu Friction Ltd., Shandong Zibo Yihaojia Auto Parts Co., LTD, Nanjing Jiu Long Auto Parts Co., Ltd., and Fujian Huari Automotive Parts Co., Ltd.
The companies that are profiled in the report have been selected post undergoing in-depth interviews with experts and understanding details around companies such as product portfolios, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the electric vehicle brake pads market.
Market Report Coverage - Electric Vehicle Brake Pads
- Propulsion Type: Battery electric vehicle (BEV), Plug-in hybrid vehicle (PHEV), and Hybrid electric vehicle (HEV)
- Vehicle Type: Passenger and Commercial
- Sales Channel: Original equipment manufacturer (OEM) and Aftermarket
- Product Type: Organic, Metallic, and Ceramic
- North America: U.S., Canada, and Mexico
- Europe: France, Germany, and Rest-of-Europe
- Asia-Pacific and Japan: Japan, South Korea, Rest-of-Asia-Pacific and Japan
- Rest-of-the-World (RoW)
Market Growth Drivers
- Rising Demand for Electric Vehicles
- Government Regulation and Policies Toward Sustainable World Encouraging Customers
- Increase in Demand for Safety, Better Performance, and Control
- Service and Maintenance
- Difficulty in Noise Cancellation
- COVID-19 Impact on Electric Vehicle Market
- Development in Materials Used in Brake Pads
- Environment-Friendly Brake Pads
Key Companies Profiled
NRS Brakes, TRW Aftermarket, ATE Brakes, Akebono, BorgWarner, Brembo S.p.A., Aisin, Bendix, TENNECO INC., Robert Bosch GmbH, EBC Brakes, Heng Yu Friction Ltd., Shandong Zibo Yihaojia Auto Parts Co., LTD, Nanjing Jiu Long Auto Parts Co., Ltd., and Fujian Huari Automotive Parts Co., Ltd.
How This Report Can Add Value
Product/Innovation Strategy: The product segment helps the readers in understanding the different types of materials used in manufacturing brake pads. Also, the study provides the readers with a detailed understanding of the electric vehicle brake pads market by propulsion type, vehicle type, and sales channel.
Growth/Marketing Strategy: Players operating in the global electric vehicle brake pads market are developing innovative products to enhance the capabilities of their product offerings. Growth/marketing strategies will help the readers in understanding the revenue-generating strategies adopted by the players operating in the global electric vehicle brake pads market. For instance, in January 2021, Brembo S.p.A. completed the acquisition of SBS friction to integrate brake pads in their business segment. Moreover, other strategies adopted by the market players will help the readers in making strategic decisions, such as go-to-market strategies.
Competitive Strategy: Players analyzed and profiled in the study include brake pads manufacturers that capture the maximum share in the global electric vehicle brake pads market. Moreover, a detailed competitive benchmarking of the players operating in the global electric vehicle brake pads market has been done that will help the readers to understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements and collaborations, and mergers and acquisitions are expected to aid the readers in understanding the untapped revenue pockets in the market.
Key questions answered in the Report
- For a new company looking to enter the market, which areas could it focus upon to stay ahead in the competition?
- How do the existing market players function to improve their market positioning?
- Which are the promising companies that have obtained financial support to develop their products and markets?
- How does the supply chain function in the electric vehicle brake pads market?
- Which companies have been actively involved in innovation through patent applications, and which products have witnessed maximum patent applications during the period 2017-2021?
- Which product segment is expected to witness the maximum demand growth in the electric vehicle brake pads market during 2021-2026?
- Which players are catering to the demand for different types of brake pads?
- How should the strategies adopted by market players vary for different product segments based on the size of companies involved in each segment?
- What are the key offerings of the prominent companies in the market for electric vehicle brake pads?
- What are the demand patterns of electric vehicle brake pads across the application areas in different regions and countries during the period 2021-2026?